If you are an entrepreneur that bootstrapped your company then I bet you lack any real accountability. Part of the reason you got into your own business is probably to enjoy this independence. But I am telling you it is not healthy. I know because I did it myself.
As an angel investor for the last 14 years, I operated on my own, answering to no one most of the time. This was when I was the solo-outside investor in a business. Then there were the times when I co-invested with other partners in a business. This forced accountability. As I look back, it was these deals that provided superior returns.
We all know we need accountability but who really wants it? This all came clear to me recently as I met with an entrepreneur who has bootstrapped his company for the last two years. He is in debt. Missed his goals by 50% last year and is having trouble with a key partner.
After meeting for a couple of hours, he walked away with a short-term plan to gain relief and he reset his goals and his attitude. I offered to meet with him on a monthly basis to help him and hold him accountable to his goals. He jumped on this.
It is a lonely world out there for you bootstrap entrepreneurs. Invite people or at least one person you trust to meet with you regularly and hold you accountable. At a minimum it is a sanity check. At best it will get you where you want to go faster. After all business is all about personal relationships and it starts at the top with you.
What’s your startup entrepreneurial challenge? Your tweets help me decide what to write about next. @cpaparelli